I asked the question on this morning's chart and the verdict is in: It was a breakout and nearly hit the 9260 top mark. Can't complain about that one. The pullback to 9160 was predictable as the long bar's midpoint, and may prove to be a consolidation area for further upside. Break above 9260 could yield to 9400.
But we are also rather wobbly here and traders are getting nervous so we can still retest the 9000 and below as August begins. Remember it's the final couple of weeks before school begins so people are focusing on post vacation homecoming and resettling for work. Also looking toward Labor Day as the signal of the end of summer. Early September has some other issues as well, but we cannot go too far out as we still have tomorrow to finish.
Friday 7/31/09 Only time will tell, but it is a Friday and as I mentioned people are getting skittish, so, I'd be surprised at another breakout. Sideways an absolute possibility as well as a downside. But I won't expect, I'll just trade what comes.
Happy Dancing, Living and Trading.